Jeremy Siegel on Meta, Market Valuations & Why Oil Shocks Don't Hit Like They Used To

To mark episode 50, Andy recaps a recent lunch with Professor Jeremy Siegel, the Wharton finance professor and author of Stocks for the Long Run, and walks Adam through the highlights live on air.Siegel's argument that Meta now qualifies as a classic value stock opened the conversation. The metaverse write-off left the market skeptical of Meta's big spending calls, and heavy AI capital expenditure has only deepened that discount, even as ad revenue keeps climbing and the forward price-to-earnings ratio remains well below that of the rest of the Magnificent Seven. From there, the episode moves into why the current rally looks different from past bubble environments, how international equities trade relative to U.S. stocks right now, what AI productivity could mean for the national debt, and a point about energy independence that reframes how much oil prices matter in 2026.The episode closes with context on the sharp sell-off on June 5th. Since 1990, the S&P 500 has averaged 31 days per year with declines of 1% or more. Through mid-2026, there have been 12.⏱️ Timestamps: (1:08) Episode 50 reflections and lessons from a year of podcasting(2:40) Andy meets Jeremy Siegel: the Wharton professor behind Stocks for the Long Run(5:54) Why Siegel and WisdomTree call Meta a classic value stock(7:36) AI capital expenditure, ad revenue growth, and Meta's compressed valuation(9:49) The broader market rally: earnings-driven, not speculation-driven(11:50) International equities trading at a 34% discount to U.S. stocks(12:58) Defense spending, drone innovation, and why geopolitical unrest could be a tailwind for European equities(15:17) AI, white-collar jobs, and why Siegel isn't predicting an economic apocalypse(16:53) Half a percent of GDP growth and what it could mean for the national debt(19:03) Consumer sentiment surveys and the political skew in the University of Michigan data(22:31) The Iran conflict and why oil shocks don't land the same way they did in the 1990s(24:32) June 5th sell-off: how it stacks up against 35 years of market history(25:17) Down days as a healthy part of a functioning market(28:21) Podcast disclosuresResources:Long Story Short website | burneywealth.com/podcastFollow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ Stocks for the Long Run, by Jeremy Siegel | https://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/1264269803 #WealthManagement #FinancialPlanning #StockMarket #Investing #JeremySiegelThe Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.